August 31, 2016/Cordros Research

Nigeria’s inflation rate rose 17.1% in July up from 16.5% in June, 2016 after a sixth successive month of a relatively strong increases in the CPI. This month’s inflation figure came in lower than consensus estimate of 17.3%. Month on month inflation rose at a slower pace of 1.3% in July, compared with the 1.7% recorded in June.

Food inflation jumped to 15.8%, from 15.3% in the previous month. On m/m basis, food prices rose at slower pace, rising 1.2% versus the 1.4% recorded in June. Imported inflation jumped to 20.5% from 20.0% as the pressure from the weakening exchange rate continued to weigh on prices.

Core inflation increased to 16.9% versus 16.2% in June. On a m/m basis prices, in the “All items less farm produce” index rose at a slower pace for a second consecutive month, rising by 1.2% versus 1.8% in the previous month.    

Click here to download Consumer Price Index July 2016-NBS